The third-quarter earnings disclosure window has officially opened, with listed companies beginning to release their results and many issuing advance earnings forecasts, some reporting net profit growth of up to 190 times year-on-year. Market capital continues to concentrate on three main themes: technology, new energy, and dividend plays, making the Q3 earnings-driven market movement the current focal point for investors.
On October 10, Wohua Pharmaceutical disclosed its third-quarter report, marking the official start of the A-share Q3 earnings disclosure window. Numerous listed companies have released earnings forecasts in advance, with some enterprises reporting year-on-year net profit growth exceeding 190 times at the highest. In terms of performance, Wohua Pharmaceutical achieved operating revenue of approximately 589 million yuan in the first three quarters of 2026, down 5.73% year-on-year, while net profit attributable to shareholders reached 92.6545 million yuan, up 44.78% year-on-year. In the third quarter alone, the company recorded operating revenue of 195 million yuan, down 1.89% year-on-year, with net profit attributable to shareholders of 25.0882 million yuan, up 29.87% year-on-year.
Following closely, on October 13, Youyan New Materials, Jucan Optoelectronics, *ST Liyuan, and Jidong Equipment will disclose their third-quarter reports. Jinpan Technology, Chuantou Energy, and Jinling Mining will disclose their reports on October 14. Yiming Food, Yutong Bus, Yutong Heavy Industries, Ping An Electric, and Lianke Technology will disclose their reports on October 15. In addition, Ganfeng Lithium, which has drawn significant market attention, will disclose its third-quarter report on October 16. Industry leaders such as Zangge Mining and Hikvision will disclose their reports on October 17.
From the perspective of research reports, institutions generally favor stocks with strong third-quarter results. A research report from Soochow Securities noted that growth sectors which experienced significant declines earlier but still maintain strong fundamentals may offer higher elasticity. However, as the market evolves further, capital will gradually shift from "oversold recovery" to "earnings verification," and the third-quarter reports will become a key variable affecting October's market structure. In terms of allocation, the report recommends "technology as the offensive play while balancing other directions." Within technology, priority should be given to AI hardware segments whose near-term fundamentals are most easily verified by third-quarter results, while also paying attention to AI middleware, agent orchestration, and application platforms with native SaaS capabilities. Beyond technology, pharmaceuticals, manufacturing going global, and some low-position financials also present structural opportunities.
Several industry-leading companies have recently disclosed their first three-quarters earnings forecasts, drawing market attention. China Jushi, a leading electronic fabric company, expects net profit attributable to shareholders of 5.136 billion to 5.393 billion yuan for the first three quarters of 2026, representing year-on-year growth of 100% to 110%. The main reason for this period's earnings increase is higher demand in major downstream applications of fiberglass during the first three quarters of 2026, with both volume and price rising. The company has laid a solid foundation for earnings growth by accelerating product structure optimization, intensifying technological innovation, and strengthening market development to enhance profitability.
"Among the companies that have disclosed third-quarter earnings forecasts so far, the positive earnings rate is close to 70%, with notable growth in semiconductors, non-ferrous metals, hardware equipment, and other sectors," said Yu Fenghui, a specially invited researcher at the China Financial Think Tank. For ordinary investors looking at third-quarter reports, three sectors deserve close attention: first, AI hardware, where the focus should be on order fulfillment and capacity utilization rates, with recommendations to watch AI hardware with high earnings certainty. Second, industrial metals and resource commodities, where supply constraints combined with profit improvement further strengthen the logic established in the interim reports. Third, innovative drugs and securities and insurance, where industry trends are favorable and valuations remain low, and the sustainability of profit improvement can be verified in third-quarter reports.
CICC believes that three investment themes should be monitored in conjunction with third-quarter results. Given the current market's significant exposure to external uncertainties, investors are expected to pay more attention to fundamental developments. The following areas deserve close attention: first, sectors showing sequential improvement in third-quarter earnings growth, such as upstream non-ferrous metals and technology hardware benefiting from high AI demand and overseas demand. Second, technology growth: the performance of growth stocks still hinges on industry fundamentals and earnings realization, and the A-share technology sector may show divergent trends ahead, requiring careful selection. AI infrastructure-related segments such as optical communications and PCBs remain highly certain to maintain strong fundamentals this year and may rebound after earlier weakness. For semiconductors and computing power, many companies still need their fundamentals to match their valuations. Many innovative drug companies are entering the clinical data verification stage and warrant bottom-up attention. Third, considering geopolitical situations and capacity cycle positions, attention should be paid to sectors with improving earnings and supply-demand dynamics, such as power grid equipment and petrochemicals. The fundamental recovery progress of purely domestic-demand industries remains relatively slow and requires further observation.
Related Concept Stocks:
CATL (03750): The company will announce its third-quarter 2026 results on October 20. Last month, CATL's share price suffered a heavy blow from the "de-CATL" trade, falling over 19% cumulatively. However, a research report from JPMorgan argued that the market has seriously misjudged this narrative. The report pointed out that investors have overly focused on the narrowing technology gap while underestimating the strategic value of scale, execution, quality, consumer trust, and financial resilience, which are precisely the core of CATL's structural leadership.
Ganfeng Lithium (01772): In late September, UBS released a research report downgrading Ganfeng Lithium (01772) target price from HK$106.86 to HK$44.28 while reiterating a "Buy" rating. After the bank's global commodities team lowered its global lithium price assumptions, UBS further reduced its 2027 China lithium price assumption from 200,000 yuan per tonne to 120,000 yuan per tonne, while also cutting earnings forecasts and target prices for Chinese lithium stocks.
Zijin Mining (02899): The company announced that its board of directors will hold a board meeting on Friday, October 23, 2026, to review and approve, among other things, the company's and its subsidiaries' third-quarter 2026 results for the nine months ended September 30, 2026, and their publication. In mid-to-late September, UBS released a research report maintaining a "Buy" rating on Zijin Mining (02899) with a target price of HK$57.8. The bank noted that short-term production delivery from the company's Julong copper mine in Lhasa, Tibet, has become the main pillar of business development in that region, while other regional projects support the next stage of growth.
Ping An Insurance (02318): The board of directors of Ping An Insurance (Group) Company of China, Ltd. announced that it will hold a board meeting on Wednesday, October 28, 2026, to review and approve the group's third-quarter results for the nine months ended September 30, 2026, and to handle other matters. In early October, JPMorgan released a research report stating that it expects Chinese insurance companies' third-quarter earnings to be very weak, with industry net profit potentially falling 53% year-on-year due to Chinese stock market volatility, following a sharp 223% increase in the second quarter. However, the bank does not believe this will become the main downward pressure on share prices, as first nine-month net profit is expected to be roughly stable with only a 3% year-on-year decline, profit warning risk is limited, 2026 earnings per share forecasts have seen limited revisions after strong first-half results, and the sector has already underperformed the broader market over the past month. Therefore, the bank recommends using the weakness as an opportunity to increase holdings in Ping An Insurance (02318) and China Life Insurance (02628), citing attractive expected dividend yields of 8% and 4% respectively for fiscal year 2027, along with robust solvency capital and steady growth in contractual service margins. Key catalysts before year-end include final dividend per share guidance announced during third-quarter earnings conference calls, as well as potential government support policies for pensions and long-term care that may come with tax incentives.